The Product Review Center

Summary
An interesting new insurance plan has been introduced by Animal Friends Insurance (AFI). The new policy offers cheap premiums to vegetarians, based on evidence that they are at a lower risk than their carnivorous counterparts of developing certain health conditions. It remains to be seen whether other insurance organisations will follow AFI’s lead .

A not-for-profit insurance business has launched an insurance scheme which offers vegetarians and egg eaters a reduced price life insurance quote .

The offer, believed to be the first of its kind, is being brought to the market by Animal Friends Insurance (AFI). The business is offering non-meat eaters a six per cent lower priceon life assurance premiums
The firm said that veggies ought to pay a lower amount for the insurance, which pays out if the plan holder were to die, because they were less likely to suffer from a range of chronic diseases, including cancers.

Susan Gaddet, the managing director of AFI, said that the risk of veggies being diagnosed with certain cancers is shrunk by up to forty two per cent and the possibility of them suffering from heart disease is reduced by up to thirty per cent, but despite this they have, until now, had to pay identical life insurance premiums as customers who eat meat.
She says that AFI think that this is patently unfair and says the insurance companies should acknowledge the idea that being a veggie can make have a positive influence on life expectancy and lower its monthly charges accordingly.

A standard arrangement is also on the market for meat eaters. Both insurance policies are brought to the market by LV=, which was known as Liverpool Victoria.

In common with standard life policies, a range of factors contribute to the cost of the premiums including whether the applicant smokes, their age, weight and sex.

Just at the moment, Animal Friends Insurance is funding the 6 per cent reduction in price itself from the commission it receives from LV=. In the future, however, the business’s aim was to offer lower premiums on specialist insurance cover. In ,offering the discount the company is hoping to sign up enough veggies to make it economically viable for LV= to underwrite another insurance policy that takes the vegetarian’s diet into account.

Indeed there are significant savings to be had, a 42-year-oldnon-smoker purchasing £300,000 worth of life cover might potentially save £393.60 over a 25-year term.

Where life insurance is concerned, AFI believes that insurers should begin to treat people that eat meat and non-meat eaters in a way that is similar to the way they assess smokers and non-smokers. Perhaps other companies in the insurance industry will follow the initiative.

It is thought that some executivesin the insurance industry do not believe there is any proof that vegetarians live longer, and how any insurance company could prove that those who had stated that they are veggies did not sometimes enjoy the odd lamb chop.

When it comes to smoking, the insurance company can refer to your Doctor’s records – if you now don’t smoke it’s possible that your Doctor will know. However, this is unlikely to apply when it comes to eating meat, an insurance executive observed.

But many veggies argue that they are not concerned about people falling off the veggie wagon and suggested that once a vegetarian has become a vegetarian, they don’t go back to meat-eating, that is unlike applicants who smoke who tend to drift out and back again into their old smoking ways.

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